Pope Francis Names New Financial Regulator Following Police Raid

Carmelo Barbagallo, the former head of supervision at the Italian central bank, would succeed Swiss lawyer Rene Bruelhart to lead the Financial Information Authority.

Pope Francis Names New Financial Regulator Following Police Raid

Five Vatican employees were suspended after the October1 raids

Vatican City:

Pope Francis, moving quickly to fill a top financial position left vacant by an ongoing scandal, on Wednesday named a senior official from the Bank of Italy to head the Vatican's financial regulator.

The Vatican said Carmelo Barbagallo, the former head of supervision at the Italian central bank, would succeed Swiss lawyer Rene Bruelhart to lead the Financial Information Authority (AIF).

Bruelhart left last week after five years in the job when the pope did not renew his mandate. His departure followed an unprecedented raid by Vatican police on October 1 at the offices of the AIF and the Secretariat of State that has stunned the Vatican.

The police were executing a search warrant by a Vatican magistrate investigating suspected corruption in the purchase of a building in London by the Secretariat of State, which is the key department in the Holy See's central administration.

Five Vatican employees were suspended after the October 1 raids, including AIF director Tommaso di Ruzza.

Domenico Giani, Vatican security chief and the pope's bodyguard, resigned later over the leak of a document related to the investigation.



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